Ethereum is caught between a $2,400 whale sell wall and a major Fibonacci support zone near $2,026. Analysts say Coinbase whales are applying pressure, but the weekly chart still shows ETH holding the level that could decide its next move. Ethereum Price Faces $2,400 Sell Wall as Coinbase Whales Apply Pressure Ethereum is facing a short-term sell wall near $2,400, according to a chart shared by analyst CW on X. The analyst said Coinbase whales are placing large orders above the market and applying downward pressure. However, CW said those whales are not actually selling yet. Ethereum Whale Order Chart. Source: CW on X The chart shows ETH trading far below the marked sell wall, with price moving near the $2,100 area. A large red horizontal zone appears around $2,400, showing where major whale orders are placed. CW said this setup creates pressure because large sell orders can limit upside movement before price reaches that level. Traders often watch these zones because they can act as resistance if price moves higher. However, the analyst made a clear difference between placing orders and selling into the market. According to CW, Coinbase whales are forming the wall to push ETH down, not unloading large positions at the current level. The chart also shows lower green zones below price, which appear to mark support or large bid areas. These zones sit closer to the $2,000 area and may become important if ETH continues to move lower. For now, the main level on the chart remains $2,400. ETH would need stronger buying pressure to move toward that sell wall and test whether those whale orders stay in place or get removed. Ethereum Chart Shows Contrarian Setup as ETH Holds Key Fibonacci Support Ethereum is holding a major weekly support area as analyst The Great Mattsby says market sentiment has become heavily bearish while the chart structure remains intact. The chart shared on X shows ETH testing the 0.786 Fibonacci retracement level near $2,026. The analyst pointed to this area as a key support zone and said fear is rising while support continues to hold. Ethereum Weekly Chart. Source: The Great Mattsby on X The weekly chart shows Ethereum moving inside a wide long-term range after several failed attempts to break higher. ETH previously reached resistance near the upper Fibonacci level around $4,868, but later pulled back toward the midrange. The most important level now is the 0.786 Fibonacci area near $2,026. The chart marks this zone with a red horizontal line and an arrow, showing where buyers are expected to defend the structure. The analyst said sentiment is “washed out” and fear is peaking. That means the setup is based on a contrarian view, where bearish market positioning may be too crowded while price still holds support. If ETH stays above the 0.786 level, the chart leaves room for a recovery toward higher resistance zones. The first major upside areas sit near the previous consolidation levels above $2,400 and $3,000. However, a weekly breakdown below the marked support would weaken the setup. In that case, the next major Fibonacci level on the chart sits near $1,017, which would represent a much deeper downside area. For now, the chart shows Ethereum at a key decision point. The bullish case depends on whether buyers keep defending the 0.786 Fibonacci support while sentiment remains weak.